Category Archives: International Economics
Surprising Findings at the Macro Handbook Conferences
In order to further progress on the new Handbook of Macroeconomics, which will be published next year, Harald Uhlig and I, the co-editors of the Handbook, hosted two conferences at Stanford and Chicago in April. Harald and I attended both … Continue reading
NICE-Squared (Or TWICE NICE)
Due to previous commitments in Hong Kong I could not attend today’s Bretton Woods: The Founders and the Future conference in New Hampshire, but I was invited to speak via video. Here is the text of my remarks. I want … Continue reading
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Why the IMF’s Exceptional Access Framework is So Important
In today’s editorial on the IMF legislation before Congress the Wall Street Journal refers to my oped of several weeks ago in which I strongly criticized the IMF for breaking its own rules in its “exceptional access framework” when it made … Continue reading
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The 2014 G20 Growth Agenda and the 2003 G7 Agenda for Growth
At their meeting in Sydney last month the G20 announced a promising new “G20 Growth Agenda.” They centered the initiative on a goal of raising real GDP by over $2 trillion (see communique paragraph 3) compared with current projections by … Continue reading
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A Small Step Toward Monetary “Coordination” at the G-20?
This weekend’s G-20 statement reiterated the concerns—largely coming from emerging market countries—about unconventional monetary policies (UMP). But the language of the central bankers and finance ministers was subtly softened. In July and October 2013 the G-20 statements contained warnings about such … Continue reading
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The Great Global Unwinding
If there is a common factor in the recent global market turbulence it is the inevitable unwinding of unconventional US monetary policy. Evidence for this connection appeared last May and June when the Fed started talking about tapering, and it … Continue reading
Big Question at Fund-Bank Meetings: What’s With QE3?
While the shutdown-debt limit talks continue in Washington, thousands of financial people from the private and the public sectors throughout the world (including me) crowded into town this weekend for the annual IMF-World Bank meetings. Aside from the shutdown, the … Continue reading
Four Posts Within a Post Remembering 9/11
Here are four posts recalling life in the U.S. Treasury on 9/11 and afterwards Flying Back to Treasury on 9/11: I was in a hotel room in Tokyo when the first plane hit the World Trade Center, recently sworn in … Continue reading
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Toward Free Exchange Rather Than Capital Controls
In Capital Controls: Against the Tide, the Economist’s Free Exchange (R.A.) described this week how macroeconomists are getting more and more comfortable with the idea of capital controls. Unfortunately, it’s true. One sign of this trend is that capital controls have … Continue reading
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Who and What is to Blame for the Global Turbulence
The recent large impact of U.S. monetary policy on the rest of the world–especially emerging markets–has understandably been attracting a lot of attention in financial markets with headlines like: Fear of Fed Retreat Roils India, WSJ, Aug 20 Istanbul Skyline … Continue reading
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Economics One 